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(b) This Council has also been advised by the Borrower that on the basis of its discussions with potential buyers of tax-exempt bonds, revenue bonds of the City could be issued and sold upon favorable rates and terms to effect the Refunding. © The City is authorized by the Act to issue its revenue bonds to effect the Refunding. Section 3. Approvals and Authorizations. 3.1. On the basis of the information given the City to date, it appears that it would be desirable for the City to issue its revenue bonds in an amount not to exceed $13,785,000 under the provisions of the Act, in one or more series, to effect the Refunding. 3.2. The City hereby determines to proceed with the Refunding, and hereby declares its present intent to have the City issue its revenue bonds under the Act in an amount not to exceed $13,785,000. Notwithstanding the foregoing, however, the adoption of this resolution shall not be deemed to establish a legal obligation on the part of the City to issue or to cause the issuance of such revenue bonds. All details of such revenue bond issue and the provisions for payment thereof shall be subject to the mutual agreement of the City, the Borrower and the purchaser or purchasers of the revenue bonds and such further conditions as the City may specify, such agreement on the part of the City to be evidenced by a resolution of this Council authorizing the issuance of the revenue bonds on the terms and conditions agreed upon and authorizing the execution of necessary documents. In all events, it is understood that the revenue bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City except the revenues pledged to payment of such revenue bonds, and each bond, when, as and if issued, shall recite in substance that the Bond, including interest thereon, is payable solely from the revenues received from the Project and any property pledged to the payment thereof and shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. 3.3. All costs of the City relating to the issuance of the revenue bonds, whether or not successfully issued, shall be paid or reimbursed by the Borrower. The motion for the adoption ofthe foregoing resolution was duly seconded by Member Mastel, and upon a vote being taken thereon, the following voted in favor thereof: Wiski, Mastel, Maschka, Goedeke, and Wall, and the following voted against the same: None. WHEREUPON said resolution was declared duly passed and adopted..